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Nauru Has a $1.3 Billion Sovereign Wealth Fund for Decades: Almost Nothing Remains and the Island Now Imports Everything It Eats
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Nauru, a tiny island in the Pacific, experienced a staggering rise thanks to its phosphate reserves, reaching the second GDP per capita worldwide in the 1980s. But a calamitous management of its $1.3 billion sovereign fund plunged it into quasi-insolvency, transforming a once richer nation into an importer dependent on processed food. More
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